Stablecoin protocol M^0 released a white paper and received US$22.5 million in financing led by Pantera Capital

M^0 is a protocol that allows global institutions to mint stablecoins backed by alternative treasury bills. The whitepaper, website, and other details about the protocol have been released. The team includes heavyweight members from MakerDAO and Circle, and received a $22.5 million seed round led by Pantera Capital last year. M^0 Labs CEO Luca Prosperi stated that M^0 aims to target the offshore US dollar market of $50 trillion to $20 trillion. The M^0 protocol is set to launch in Q2 2024, with initial users expected to include crypto-friendly institutions, DeFi investment funds, and market makers.